Investors were worried of which a rise in rates could lead to higher borrowing costs as well as so slow down the global economy.
Cooperman, CEO of Omega Advisors, said the market can handle higher interest rates, however, as there are no signs of a recession looming.
“The economy, if anything, is usually too strong,” Cooperman said. “The economy is usually on fire. … The conditions of which normally lead to a big decline just aren’t present.”
Cooperman’s comments come as U.S. stocks try to recover by a 4.1 percent decline last week amid worries about higher rates, tech valuations as well as fears of a global economic slowdown.
yet Cooperman thinks stocks will bounce back by This kind of decline as they are fairly valued. He also noted the market can handle higher interest rates.
“My central view is usually the market will be higher than of which is usually today at year-end,” he said. “We’re in a zone of fair value as well as of which’s going to take a recession or a change inside the Fed’s posture” to get us out of of which.